Sometimes the market focuses heavily on short-term problems and misses the long-term potential of a business. That is where broker research can uncover interesting ASX opportunities.
While analysts can be wrong, their work can highlight businesses where the market may be underestimating future growth.
Three ASX shares that have recently caught my attention are named below.
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ResMed Inc. (ASX: RMD)
The first ASX share I would consider buying is one where the market appears to have become much more cautious.
ResMed shares are trading around $31.44, and Morgans believes the recent weakness has created an attractive opportunity.
The concerns are understandable. Investors have been weighing the potential impact of GLP-1 therapies, the possibility of Philips returning to the US PAP market, and broader weakness across healthcare shares.
However, I think the bigger picture remains compelling. ResMed operates in a healthcare market with a huge long-term opportunity. Sleep apnoea and related breathing disorders affect a large number of people globally, and many remain undiagnosed or untreated. That creates a significant runway for growth.
I also like the direction of the business beyond traditional devices. Connected technology, digital health solutions, and software can help improve patient outcomes while making treatment more accessible.
Morgans highlighted that ResMed has de-rated to around 16 times forward earnings, close to its lowest valuation since the post-GFC period, while consensus still expects double-digit earnings growth. For this reason, it has a buy recommendation and $41.72 target price on its shares.
The risks are real, but I think the market may be underestimating the quality of the underlying business.
Flight Centre Travel Group Ltd (ASX: FLT)
The second opportunity comes from a business that has been caught up in broader travel uncertainty.
Flight Centre shares have struggled as investors assess the impact of geopolitical issues and weaker operating conditions.
But I think the long-term travel story remains attractive. People continue to value experiences, holidays, and international travel. When confidence improves, travel demand can recover quickly.
What interests me about Flight Centre is the strength of its position. The company has built a global travel network, strong brand recognition, and a valuable customer base. It also has a strong balance sheet.
Morgans believes the recent weakness creates an opportunity, highlighting the company's financial strength and the potential for a stronger recovery in the second half of FY27. It has a buy recommendation and $14.80 target price on the shares.
I think the key is patience. The recovery may take time, but if travel conditions normalise, earnings and the share price could respond positively.
Sigma Healthcare Ltd (ASX: SIG)
The final ASX share I would look at is Chemist Warehouse owner Sigma Healthcare.
Ord Minnett believes the company's UK expansion opportunity could become significant over time. The initial rollout is still small, but the market itself is large and fragmented, creating an opportunity for a proven retail model to expand.
What I find interesting is the possibility of taking existing capabilities into a new market. Sigma has access to pharmacy infrastructure, retail experience, and the backing of one of Australia's strongest consumer brands through Chemist Warehouse.
There is execution risk, as with any international expansion. But I think the potential upside comes from the ability to replicate a successful model in a much larger market.
Ord Minnett recently placed a buy recommendation and $3.40 target price on the shares. I think this is a fair valuation and shows potential for good returns from its current share price of around $2.82.
Foolish takeaway
I think these three ASX shares are interesting because investors are currently looking beyond the headlines and asking whether the long-term opportunity has changed.
In my view, the businesses themselves still have attractive qualities. The challenge for investors is having the patience to wait for those strengths to become more visible.
